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Dedicated and hard-working home buyers soon discover that seeing
dozens of homes before they choose one to purchase can result in
confusion and decision-making paralysis. A good checklist can clear
up some of the issues, but some buyers simply can't figure out which
home they want to buy.
Are you buying the wrong house? Here are five (more) factors to
consider:
1. Price.
Most people buy a home only infrequently and, consequently, they don't
know why one home is priced higher or lower than another, why one home
is actually worth more than another or whether a particular home is
priced to sell or to flatter the seller. The best way to avoid
over-paying for a home is to acquire market knowledge. Visit some
open houses and compare them on the basis of price. Ask to see the
"comps" before you make an offer. Did you remember visiting any of
the recently sold homes on the comp sheet? If so, how do they compare
to the one you're preparing to purchase?
2. Location.
Any well-priced home in good condition may be perfect for you and your
family. But if you can't stand the neighborhood or will be moving a
long distance away from your place of employment, your friends and
your favorite shops, restaurants and community services, that
mint-condition home might still not be right for you. Buying the
wrong home in the right location is generally a lesser mistake than
buying the right home in the wrong location.
3. Features.
Some buyers fall in love with pricey home amenities that seem
attractive and desirable at the time, but later prove to be more
headache and less pleasure than the buyers anticipated. Do you really
want a swimming pool? High-maintenance ornamental trees?
Commercial-grade built-in kitchen appliances? Expensive hardwood
floors? Some homes are easier to visit than they are to own.
4. Neighbors.
A traditional single-family house surrounded by other single-family
houses in a predominantly residential neighborhood is the preferred
living situation for many people. But a surprising number of for-sale
homes are located next to multifamily buildings or commercial
properties. Do you really want to live next to a large apartment
complex? An office building? A fast-food restaurant? A mini mall?
An elementary school? Maybe yes. Maybe no.
5. Vibes.
Some people rely primarily on their intellect and reason to make good
decisions, while others are more intuitive. If your gut feelings are
usually on target and you just simply don't feel comfortable in a home
you're thinking of buying, you might want to reconsider - even if all
else seems acceptable. Don't confuse bad vibes with the classic
"buyer's remorse" syndrome, but do pay attention to a small inner
voice telling you not to buy a particular home.
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